Commentary

Fitch Ratings-London-30 January 2019: The outlook for the global steel sector is stable in 2019, Fitch Ratings says. Chinese export restraint is a key support for the sector in the face of rising output elsewhere, which, combined with lower...

Fitch Ratings-London-15 January 2019: Fitch Ratings says that more countries will face challenges to home price growth in 2019 from high household debt levels, political risk, slowing economic growth and stretched borrower affordability.

Fitch Ratings-Chicago-14 December 2018: The federal regulatory and political environment and a growing push nationally to rein in growth in healthcare spending are threats to pharmacy benefit managers' (PBMs) business model...

Fitch Ratings-London-14 December 2018: Slowing growth and rising protectionism have taken the shine off the prospects for Western European investment-grade (IG) corporates in 2019, but we still expect modest improvements in key metrics...

Fitch Ratings-Chicago-14 December 2018: The federal regulatory and political environment and a growing push nationally to rein in growth in healthcare spending are threats to pharmacy benefit managers' (PBMs) business model...

Fitch Ratings-Paris/Barcelona-13 December 2018: Fitch Ratings says the lodging sector outlook is stable for 2019, although some of the largest lodging issuers are on Positive or Negative Rating Outlook or Rating Watch for idiosyncratic reasons.

Fitch Ratings-Chicago-10 December 2018: As the line between physical and online retail blurs, with an increasing number of purchases from pre-purchase research to post-purchase service involving multiple channels, retailers and landlords...

Fitch Ratings-Chicago-06 December 2018: Aggressive capacity expansion plans announced by major producers including Albemarle (BBB/Stable), SQM (AA[cl]/Stable), and Livent may not be enough to prevent a lithium supply shortage...

Fitch Ratings-New York-05 December 2018: The stable sector outlook for Latin American banks in 2019 reflects expectations for sustained modest growth in most countries. However, economic growth is expected to remain uneven, with risks to the downside given the confluence...

Fitch Ratings-New York-03 December 2018: The 2019 global sector outlook for finance and leasing companies has been revised to stable from negative, as credit losses for consumer finance issuers should remain at the lower end of historical...

A mild upward trend in home prices should lead to continued growth in assessed values and property tax revenues. Wage pressures will create a manageable challenge for governments to keep spending in line with revenues.

Fitch Ratings-New York-03 December 2018: The 2019 global sector outlook for finance and leasing companies has been revised to stable from negative, as credit losses for consumer finance issuers should remain at the lower end of historical ranges...

Fitch Ratings-Dubai/London-21 November 2018: Fitch Ratings' annual series of Credit Outlook events launches on 12 December with a new event in Dubai that will blend Fitch's own regional expertise and thought leadership with further insights from guest speakers and panellists.

Fitch Ratings-New York-28 November 2018: Fitch Ratings' fundamental outlook for the Canadian life sector remains stable in 2019. Over the coming year, Fitch expects generally favorable macroeconomic conditions, which will remain...

Fitch Ratings-New York-28 November 2018: Fitch Ratings expects North American sovereign ratings to be stable in 2019. Both the U.S. and Canada are rated 'AAA' with a Stable Outlook. The U.S.'s high general government debt burden will be...

Fitch Ratings-London-27 November 2018: Global trade tensions and Brexit uncertainty risks make the performance of the EMEA transport infrastructure sector less predictable, says Fitch Ratings in a new report. We expect slower volume growth across airports, ports and toll roads.

Fitch Ratings-London-18 December 2018: The outlook on the western European banking sector is stable for 2019, as pressure on profitability is balanced by strong asset quality and improved capitalisation in most countries...

Fitch Ratings-Chicago-13 December 2018: Pricing pressures for memory chips from excess supply and macroeconomic headwinds may persist through most of 2019 when moderating capital spending should help normalize capacity...

Fitch Ratings-London-11 December 2018: The decision that Cameroon will not host next year's Africa Cup of Nations (AFCON) may add to existing pressures on the country's banking sector, says Fitch Ratings.

Fitch Ratings-New York-11 December 2018: The unprecedented rise in Venezuelan migrants in 2017 and 2018 linked to the country's economic crisis could increase social and political tensions in neighboring countries, says Fitch Ratings.

Fitch Ratings-London-07 December 2018: Interim solutions and contingency planning with respect to derivatives and insurance claims are reducing some significant risks a "no-deal" Brexit would present to the European financial services...

Fitch Ratings-New York-07 December 2018: U.S. high yield bond and leveraged loan default rates will both end 2019 at 1.5%, the lowest levels since 2013 and 2011, respectively, according to Fitch Ratings' 2019 Outlook report.

Fitch Ratings-Hong Kong/Tokyo-06 December 2018: Fitch Ratings' Outlook on the ratings of its 24 Indian auto-loan ABS transactions is stable, supported by the agency's expectations of steady asset performance and commercial-vehicle utilisation...

Link to Fitch Ratings' Report(s): Fitch Ratings 2019 Outlook: Asia-Pacific Developed Market BanksFitch Ratings-Hong Kong/Singapore-03 December 2018: Fitch Ratings' outlook on the Asia-Pacific banking sector is stable for 2019, but tailwinds have faded across most of the region and more markets now face a negative sector outlook than a year ago. Trade tensions, rising...

Most states will be debating budgets in 2019, and 20 will start the year with new governors. Although Fitch rates to fundamentals rather than the political cycle, a material change in fiscal policy and/or increased or reduced...

Fitch Ratings-New York-29 November 2018: Fitch Ratings expects the North American Midstream sector to remain stable in 2019 given the favorable production fundamentals underpinned by producer efficiencies, basin de-bottlenecking and acceptable commodity price environment.

Fitch Ratings-Shanghai/Singapore-27 November 2018: The Asia-Pacific (APAC) transportation infrastructure sector is likely to benefit from steady traffic and revenue growth in 2019, supported by the region's continued economic development.

Fitch Ratings-Milan/Barcelona-28 November 2018: Fitch Ratings says in a new outlook report that most of its rated covered bonds have been issued by highly rated banks and sovereigns with stable ratings, which contributes to the stability...

Fitch Ratings-London-22 November 2018: German non-life insurers are likely to continue raising their premium rates in 2019 to maintain profitability in the face of increasing costs per claim and dwindling investment returns, Fitch Ratings says in a new report.

Fitch Ratings-Singapore-25 November 2018: The credit profiles of both life and non-life insurers in South Korea will continue to be supported by sustained financial fundamentals, with an increasing emphasis on capital and risk management...

Fitch Ratings-Sydney-21 November 2018: Fitch Ratings' outlook for asset performance and ratings on Australian and New Zealand structured finance is stable for 2019. Our view remains unchanged from last year, as the sector continues...

Fitch Ratings-Chicago-07 January 2019: Debate over US drug pricing will continue in 2019 resulting in continued regulatory event risk and commercial payers focused on the value of medicines, relative to coverage and reimbursement rates...

Fitch Ratings-Chicago-06 December 2018: Various industry challenges are increasingly pressuring U.S. colleges and universities, widening the credit gap in the sector and prompting Fitch Ratings to revise its higher education sector outlook...

Fitch Ratings-Chicago-12 December 2018: The fundamental sector outlook for U.S. Health Insurance and Managed Care companies in 2019 is stable. The outlook is supported by Fitch's expectation for a continuation of the strong operating

Fitch Ratings-New York-11 December 2018: The sector outlook for CLOs and leveraged loans in the U.S. and Europe is stable in 2019; however, increasing late cycle behavior and macro and regulatory activities are noteworthy concerns...

Fitch Ratings-London-11 December 2018: This commentary replaces the version published on 11 December 2018 to correct the PSOE's share of the vote in Andalusia. The content of the commentary otherwise remains unchanged.

Fitch Ratings-Chicago-11 December 2018: The role shareholder activism plays in event risk is becoming more complex and the activist landscape is evolving with more stakeholders focused on long-term value creation, according...

Fitch Ratings-Hong Kong/Singapore-12 December 2018: The resignation of the Reserve Bank of India (RBI) governor on 11 December follows a period of government pressure on the central bank to spur economic growth, and highlights risks...

Fitch Ratings-New York-06 December 2018: Potential changes and cuts to a Mexican federal government program that is partly used to subsidize state education spending (Ramo 23) raise significant uncertainties for states and...

Fitch Ratings-London-07 December 2018: Fitch Ratings says that the rating trajectory in 2019 remains stable for European food retailers, but negative for non-IG non-food retailers, as continuing online competition and high leverage erode traditional business models.

Fitch Ratings-London-05 December 2018: Changes to Fitch Ratings oil and gas price assumptions are modest, but we believe that supply controls will support medium-term oil prices in the range of USD60-USD65 a barrel for Brent crude. In the longer term, we continue...

Link to Fitch Ratings' Report(s): Fitch Ratings 2019 Outlook: European High-Yield and Leveraged CreditFitch Ratings-London-04 December 2018: European high-yield (HY) bond and leveraged loan default rates are set to remain low in 2019 at less than 2%, Fitch Ratings says. Refinancing since 2016 has resulted in long maturities, low coupons and loose covenants, which...

Fitch Ratings-Chicago-03 December 2018: Fitch Ratings' 2019 outlook for Latin American structured finance is stable based on favorable conditions in most countries in the region except for Costa Rica, Argentina, Nicaragua, and Uruguay.

Operational performance, measured primarily by volume growth, remains favorable for all three covered transportation sectors (airports, ports and toll roads), and should continue to track close to U.S. GDP growth rates in...

Fitch Ratings-Chicago-03 December 2018: A notable rebound by U.S. property and casualty (P/C) insurers this past year, following a challenging 2017, has led Fitch Ratings to revise its fundamental sector outlook to stable from negative, according to Fitch's 2019 outlook report.

Fitch Ratings-New York-29 November 2018: Despite a stable outlook for 2019, U.S. healthcare pricing and profit margins will be under pressure, and actions to defend profitability will have long-term credit implications, according to Fitch Ratings' 2019 Outlook Report.

Fitch Ratings-London-28 November 2018: The Italian life insurance sector outlook remains negative for 2019 as insurers' high sensitivity to Italian government bond spreads could weigh on their capitalisation and profitability, Fitch Ratings says.

Fitch Ratings-Frankfurt/London-27 November 2018: Fitch Ratings has revised the German life insurance sector outlook to stable from negative, reflecting the good progress made by major insurers in adapting to the twin challenges...

Fitch Ratings-New York-20 November 2018: Both the sector and Ratings Outlook are stable for U.S. retail due to continued U.S. retail sales growth of around three to four percent and signs of EBITDA stabilization among industry leaders, according to Fitch Ratings' 2019 Outlook.

Fitch Ratings-London-26 November 2018: Fitch Ratings' sector outlooks for the UK non-life company market and the London market are negative for 2019, with intense competition set to continue eroding profit margins.

Fitch Ratings-Hong Kong-20 November 2018: Fitch Ratings has maintained its 2019 rating and sector outlooks for China's non-life insurers at stable, on the expectation of an adequate solvency buffer to support underwriting volatility...